Eurozone Inflation Near 6-Year High

Eurozone inflation accelerated to a near six-year high in October largely on energy prices and the unemployment rate was at its lowest since 2008, despite the economy growing at the slowest pace in four years.

Inflation rose to 2.2 percent in October from 2.1 percent in September, flash data from Eurostat showed Wednesday. A similar higher rate was last seen in December 2012. The rate came in line with expectations.

Inflation again exceeded the European Central Bank's target of "below, but close to 2 percent".

Core inflation that excludes energy, food, alcohol and tobacco, also increased in October, to 1.1 percent from 0.9 percent a month ago. Final data is due on November 16.

The increase in inflation supports the European Central Bank's judgment that underlying price pressures are gradually building despite the slowdown in activity over recent months, Jennifer McKeown, an economist at Capital Economics, said.

The economist said the central bank will end its asset purchases in December and the recent slowdown in activity is unlikely to cause it to alter its forward guidance.

Among big-four economies, Germany's harmonized inflation rose to 2.4 percent in October from 2.2 percent in September and Italy's inflation increased to 1.7 percent from 1.5 percent.

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